In a press statement released today on the occasion of the visit of former Iranian President Akbar Hashemi Rafsanjani, now head of the Expediency Council in the government of the Islamic Republic of Iran, it was announced that the Kingdom of Saudi Arabia and the Islamic Republic of Iran have agreed to establish a joint commission at ministerial level, which will hold periodic meetings, alternating venues between the two countries, to discuss appropriate means for developing bilateral relations.

During his visit, Rafsanjani has held talks with Custodian of the Two Holy Mosques King Fahd Ibn Abdul Aziz and Crown Prince Abdullah Ibn Abdul Aziz, Deputy Prime Minister and Commander of the National Guard, and exchanged with them views on matters of mutual interest and a number of regional and international issues. Meanwhile, the ministers and officials in his accompanying delegation have been holding fruitful talks with their Saudi counterparts, which have yielded positive results in the areas of the economy, commerce, culture, agriculture, labor, and social affairs. Reviewing the current oil market situation, the two sides expressed concern at the steep decline in oil prices, and reaffirmed their conviction that responsibility for restoring stability falls on all countries which export petroleum, adding that they are prepared to coordinate efforts with other members of OPEC in this respect, if those who violate quotas take meaningful measures to reduce their overproduction. The Iranian delegation then expressed their appreciation to Custodian of the Two Holy Mosques King Fahd Ibn Abdul Aziz and Crown Prince Abdullah Ibn Abdul Aziz, Deputy Prime Minister and Commander of the National Guard, and other Saudi officials for the warm welcome they were given during their visit.